Proxy adviser to oppose Barclays' bonuses

The corporate governance agency Pirc, which advises a swathe of pension funds, is to recommend its clients vote against Barclays’ pay packages

By

Giles Turner

April 4, 2014 Updated: 10:08 p.m. GMT

Pirc, one of Europe’s largest shareholder advisory groups, will advise investors to reject Barclays’ remuneration proposals at the bank’s AGM later this month.

Over the coming months, UK shareholders are set to vote for the first time on European rules forcing banks to seek approval to pay staff bonuses up to double their fixed pay. Barclays is set to kick off proceedings for UK banks on April 24.